问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
我们讲义上的波动率微笑不是K和隐波的关系吗？这道题的B和D选项都是S和隐波的关系，这个和讲义上的规律还是一样的吗？已经不能用同样的结论去推导了吧？
B，在崩盘的时候，价格下降波动减少？
对于B的我没有看懂
A 里面，awthe money, 可以理解为，只要不是the money, 两边都是awthe money 么？还是说awthe money 只表示 Out of the money?
\"Crashophobia\" suggests actuequity volatility increases when stoprices cline. Compareto the lognormstribution, trars believe the probability of large wn movements in priis similto large up movements. Increasing leverage lower equity prices suggests increasing volatility. is correct. There is higher implieprivolatility for low strike priequity options. \"Crashophobia\" is baseon the ia thlarge priclines are more likely thassumein Black-Scholes- Merton prices, not thvolatility increases when prices cline. Compareto the lognormstribution, trars believe the probability of large wn movements in priis higher thlarge up movements. Increasing leverage lower equity prices suggests increasing volatility. 意说lower price是什么意思？如果是在价格较高的时候加杠杆，是否不正确了呢？
题目主要想表达的是，在价格下跌时，由于crashophobia，使得价格继续下跌的概率要大于价格上涨的概率，因此购买Out-of-money的看跌期权会更贵一些，因而倒算出来的Implied volatility就更大，左边更高。